TVSMOTOR

1. EV positioning is becoming a serious moat TVS has emerged as one of the strongest legacy players in electric two-wheelers through iQube and related platforms. EV volumes grew 44% in FY25. Q4 EV growth was ~54% YoY. EV revenue already contributes meaningfully to overall sales. Unlike some pure EV startups, TVS has: dealer network, balance sheet strength, manufacturing scale, and ICE cash flows to fund EV expansion. That reduces execution risk significantly. 2. Margin expansion trend is healthy Operating leverage is improving due to: premiumization, exports, higher scooter mix, EV scale-up, and PLI incentives. Q4 EBITDA margin moved into the 12–14% zone depending on adjustment methodology. Long-term, if TVS sustains: premium motorcycle traction, export normalization, and EV profitability, then margins can continue expanding gradually.